The Federal Government on Tuesday said it disbursed N66 billion to 1.2 million Nigerians under its Micro Small and Medium Enterprises (MSMES) Survival Fund and Guarantee Off-Take Scheme.
The Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum, disclosed this at a town hall meeting of beneficiaries of the MSME Survival Fund and the Guaranteed Off-Take Scheme in Abuja.
She said the programme, under the Nigeria Economic Sustainability Plan (NESP), has disbursed the amount directly to the beneficiaries.
The minister further stated that the scheme was borne out of the need to stimulate the economy post lockdown, especially for small and medium-scale businesses and self-employed individuals previously gainfully employed.
Katagum pointed out that it created production opportunities for MSMEs and provided conditional grants to distressed businesses and self-employed individuals who were strained with payment of salaries during COVID-19.
The minister explained that the anticipated impact of the programme was to directly engage 100,000 MSMEs in the production sector and save 1.3 million jobs, having self-employed entrepreneurs, and micro and small businesses registered in Nigeria as target beneficiaries.
She also said that the implementation of the survival fund across the five tracks yielded positive results.
The five tracks as Payroll Support Scheme, Artisan and Transport Scheme, Formalisation Support Scheme, General MSME Grants Scheme, and Guaranteed Off-take Scheme.
“In total, 490,408 employees received between N30,000 and N50,000 as three months’ salaries in the 36 states and the Federal Capital Territory (FCT).
“The Artisan and Transport Scheme was designed to provide a one-off N30,000 grant to 333,000 beneficiaries.
“We currently have 398,260 self-employed individuals and MSMEs who have benefitted across the 36 states and the FCT,’’ she added.
Earlier, Mr Tola Adekunle-Johnson, Special Assistant to the President on MSMEs and Project Coordinator MSME Survival Fund and Guaranteed Off-Take Scheme, said there was initial setback occasioned by initial public mistrust and apathy for the scheme.
He said this resulted in many several applicants failing to complete their registration.
Adekunle-Johnson, however, said that it had set the stage for the second phase of implementation where more public interest was shown in the scheme.
Some of the beneficiaries of the survival fund commended the Federal Government for the scheme, noting that it provided the needed succour during the COVID-19 era.
